Wed, Feb. 3, 5:35 PM
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Dec. 27, 2015, 2:33 PM
- Viadeo, which entered China in 2007, blames a capital shortage, its failure to find a local investor/partner, and "changing usage patterns" caused by the mobile shift. In addition to LinkedIn, the company has squared off against local firms such as Dajie and Wealink. Unlike the U.S. and various other locales where LinkedIn dominates, the Chinese professional social networking space remains fragmented.
- LinkedIn, for its part, stated in its Q3 report over 13M of its 400M+ registered users are in China, up over 3x since the company launched a Chinese-language site in early 2014. The figure still only equals ~2% of a Chinese Internet user base that officially totaled 668M as of June.
Oct. 30, 2015, 9:12 AM
Oct. 29, 2015, 7:53 PM
- LinkedIn's (NYSE:LNKD) Talent Solutions unit saw revenue rise 46% Y/Y in Q3 to $502M. The core Hiring (jobs) segment grew 34% to $461M (up from 32% in Q2), while Learning & Development (Lynda.com) contributed $41M in its first full post-acquisition quarter. Hiring accounts are near 40K; they were above 37K at the end of Q2.
- Marketing Solutions (ad) revenue rose 28% Y/Y to $140M, a slowdown from Q2's 32%. Sponsored update news feed ads (up over 100%) drove the growth, while premium display ads fell by a mid-30s %. Subscriptions revenue (premium memberships, Sales Navigator) rose 21% to $138M, after growing 22% in Q2.
- Traffic metrics: Cumulative members rose 20% Y/Y to 396M at the end of Q3, and have since topped 400M. Unique visitors rose 11% to an average of 100M/month, and member page views rose 33% to 38B (20% growth in page views/unique visitor). Mobile now accounts for 55% of traffic. China now has 13M+ members, up over 3x from early 2014.
- Financials: GAAP operating expenses rose 46% Y/Y to $816.3M. Op. margin (non-GAAP) was 18% vs. 13% in Q2 and 18% a year ago. Cost of revenue was 13% of revenue, sales/marketing spend 31%, R&D 19%, and G&A 12%. The U.S. was 62% of revenue, up from 60% a year ago. Forex had a 6% impact on revenue growth. Free cash flow was $73M, less than net income of $103M.
- LNKD +12.4% after hours to $243.60.
- Q3 results/Q4 guidance, PR, slides (.pdf), 10-Q filing
Oct. 29, 2015, 5:36 PM
Oct. 29, 2015, 4:05 PM
- LinkedIn (NYSE:LNKD): Q3 EPS of $0.78 beats by $0.32.
- Revenue of $779.6M (+37.2% Y/Y) beats by $23.96M.
- Expects Q4 revenue of $845M-$850M and EPS of $0.74, above a consensus of $845.9M and $0.67.
- Shares +7.8% after hours.
Oct. 28, 2015, 5:35 PM
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Oct. 15, 2015, 6:55 PM
- LinkedIn (NYSE:LNKD) has previewed a revamped version of its core mobile app (set to launch in the next few weeks) that features a simpler/streamlined UI, faster search, and an overhauled news feed that tries to weed out content users are less interested in. Better messaging and notification tools are also included, as are A.I.-driven features that recommend content and surface connections between users.
- Though LinkedIn has said it received 52% of its traffic from mobile as of Q2, the company's mobile engagement still easily trails that of most other social networking platforms. Evercore (citing comScore data?) states only 17% of time spent on LinkedIn by U.S. users is through the mobile app (compared with 76% for Facebook), and that 63% still involves PCs.
- LinkedIn's apps currently have ratings of 3.5/5 on the App Store and 4.2/5 on Google Play. In early September, LinkedIn rolled out a revamped messaging system.
- Q3 results arrive on Oct. 29.
Sep. 16, 2015, 9:57 AM
- "[A]fter several quarters of significant sell-offs, with the stock declining ~30% since its well-received Q4b 14 earnings report, reduced FYb 15 guidance ex-[Lynda.com], somewhat reset investor expectations, lessening headwinds to Marketing Solutions from secular shifts in advertising, as well as guidance and valuation more accurately incorporating slower growth, we are moving to the sidelines with our Hold rating," writes Brean's Sarah Hindlian. Her fair value estimate is $184.
- Hindlian adds several of her concerns "have largely played out," with the Sales Navigator social selling platform proving "a disappointment" and LinkedIn's (LNKD - unchanged) core Talent Solutions (jobs/recruiting) growth slowing on account of high penetration of "price insensitive" enterprises.
- She started LinkedIn at Sell on March 16, when shares were at $260.17 (33% above current levels).
Sep. 1, 2015, 11:09 AM
- Better late than never? LinkedIn (LNKD -1.5%) is finally abandoning the inbox-like interface for its messaging system (both for its site and apps) in favor of a chat-like UI that bears as a resemblance to Facebook Messenger, Twitter's Direct Messages, and many other Web/mobile messaging platforms.
- LinkedIn is also organizing messages by user, providing better push/e-mail notifications for new messages, and adding the ability to insert GIFs and emojis (in addition to photos and docs). The company adds it's thinking of adding voice and video call support, as well as developing "intelligent messaging assistants that can help suggest people you should message or provide you with relevant information about that person before you start a conversation."
- Developing services that motivate users to frequently visit LinkedIn's site and apps, rather than simply treat them as resume-sharing and rolodex-creating tools, has been a company priority for a while. Page views rose 37% Y/Y in Q2, easily surpassing unique visiting member growth of 16%.
Aug. 19, 2015, 1:58 PM
- Continuing a strategy of growing its mobile footprint and user engagement by launching many narrowly-focused apps - Facebook can relate - LinkedIn (LNKD +0.7%) has launched Lookup, a free app that aims to replace corporate office directories by letting users known to work for a particular company search for the contact and profile info of co-workers.
- Lookup project lead Ankit Gupta: "Most companies have some crappy directory service that either they’ve created themselves or they’re [paying for] ... People don’t really update their internal profiles. People don’t even add a photo. So they’re actually turning to LinkedIn [already].” He adds users searching on LinkedIn currently click on a colleague's profile 30% of the time.
- In addition to its core app, LinkedIn already offers apps for its Recruiter, Sales Navigator, Pulse (news reader), and SlideShare services, as well as apps for conducting job searches and reaching out to professional contacts. Mobile accounted for 52% of the company's Q2 traffic.
Jul. 31, 2015, 7:52 PM
- For the second quarter in a row, LinkedIn (NYSE:LNKD) fell hard post-earnings. Evercore and Avondale Partners downgraded to neutral ratings, while various other firms defended the company.
- Evercore's Ken Sena notes LinkedIn's 2H15 sales (officially guided above consensus) were guided down if one excluded an accounting benefit related to the Lynda.com acquisition. "The reasons for the company’s more conservative outlook have mostly to do with limited visibility on its Marketing Solutions line, where it continues to make a transition away from higher-priced premium display to feed-based and more performance-based ads."
- Though Sena thinks the ad transition can be managed, he declares "the combination of another FY effective guide down, a steep deceleration in the company’s 2Q sequential user growth (measured on unique visitors), and margins showing compression (with and without Lynda) leads [Evercore] to move to the sidelines on shares." He also compared LinkedIn's ad challenges to Twitter's.
- BGC's Colin Gillis, on the other hand, considers ad concerns overblown in light of the strong performance of LinkedIn's Sponsored Updates ads. "[D]isplay advertising is approximately 3% of overall revenue, and in our view its low quality revenue ... The irony is that the marketing solutions business that contains display advertising is the only business segment that accelerated its growth in the June quarter, growing at 32% YoY compared to 24% growth in the June 2014 quarter."
- Jefferies' Brian Pitz also sees reasons to stay bullish. "The company is still early in large market opportunities, including Sales Navigator, Lead Accelerator, Bizo and Lynda ... The company saw dramatic improvements in Sales Navigator customer satisfaction as well as higher than expected customer renewal at the higher Sales Navigator prices implemented this year.”
- Q2 results/Q3 guidance, details, CC transcript
Jul. 31, 2015, 9:19 AM
Jul. 30, 2015, 5:02 PM
- Up big at first in response to its Q2 beat and above-consensus sales guidance, LinkedIn (NYSE:LNKD) is now down 1% AH.
- Talent Solutions (62% of revenue) revenue rose 38% Y/Y in Q2 to $443M. However, sales within the core Hiring (jobs) segment rose 32% to $425.8M - as previously disclosed, a salesforce reorg has weighed on near-term sales. $17.6M in revenue was contributed by the Learning & Development segment, the product of the mid-May closing of the Lynda.com acquisition. Hiring accounts rose by over 2K Q/Q to over 37K.
- Marketing Solutions (ads, 20% of revenue) grew 32% to $142M, with Sponsored Updates ads accounting for 45% of revenue. Sponsored Updates revenue more than doubled, with 80% coming from mobile. On the other hand, display ad sales (under pressure at a number of companies) fell 30%. Premium subscription revenue (18% of revenue) rose 22% to $128M.
- GAAP costs/expenses rose 40% Y/Y to $792.9M. Thanks to forex and soft EMEA ad sales, international fell to 38% of revenue from 40% a year ago. Cumulative members rose by 16M Q/Q to 380M. Unique visiting members were flat Q/Q and up 16% Y/Y to 97M/month. Page views rose 37% Y/Y, with mobile accounting for 52% of traffic.
- Q2 results, PR
- Update (7:44PM ET): LinkedIn is now down 4.6% AH.
Jul. 30, 2015, 4:08 PM
- LinkedIn (NYSE:LNKD): Q2 EPS of $0.55 beats by $0.25.
- Revenue of $711.7M (+33.3% Y/Y) beats by $31.9M.
- Expects Q3 revenue of $745M-$750M and EPS of $0.43 vs. a consensus of $743.7M and $0.43.
- Expects 2015 revenue of $2.94B and EPS of $2.19, above a consensus of $2.91B and $1.93.
- Shares +12.1% AH.
- Update (5:03PM ET): LinkedIn has given back its gains. Shares are now down 0.4% AH.
Jul. 29, 2015, 5:35 PM
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LinkedIn Corp. operates an online professional network on the Internet. The company's proprietary platform enables members to create, manage and share their professional identities online, build and engage with their professional networks, access shared knowledge and insights, and find business... More
Industry: Internet Information Providers
Country: United States
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